U.S. real estate developer Donald Trump has joined Georgian President Mikhail Saakashvili to unveil plans for a luxury apartment complex along the Black Sea coast.

The plans call for the 47-storey Trump Tower to be built in Batumi by the Silk Road Group under a licensing agreement signed in New York last year.

Saakashvili said during the April 22 presentation in Batumi that the Georgian conglomerate expects to have the necessary funding by the end of this year, with construction expected to start in early 2013.